Today Port Authority’s Board of Directors approved an amendment to CEO Steve Bland’s contract that will extend his term of employment by at least three years.
The amendment extends Bland’s employment from June 12, 2011 through June 11, 2014, with a potential extension of two additional years.
At Bland’s request, the amendment stipulates that he will not be eligible for any salary increase until June of 2013 and that any increase would be capped at 2.5 percent of his base salary, currently $185,000 per year. Any salary increase would need to be approved by the Board.
Bland joined Port Authority as CEO in 2006, and throughout his tenure has voluntarily given up numerous salary increases and benefits, including $20,000 in wage increases, use of a company automobile and $15,000 in deferred compensation. In recent years, other non-represented employees have also given up benefits and endured a pay freeze as the Authority has made efforts to cut costs and become more efficient.
“In this critical time, as we continue to seek solutions to the transportation funding crisis, I believe it is vital that the Authority continue to be led by Steve Bland,” said John Brooks, Chairman of Port Authority's Board of Directors. “Steve has had to make tough decisions but through it all, remains a strong advocate for the long-term sustainability and future of the Port Authority.”